Apple demolished Q1 earnings estimates and set a new record with $111 billion in revenue

• Apple set a new record during its fiscal first quarter with $111.4 billion in revenue.
• Apple reported $65.6 billion in iPhone revenue in the three months following the iPhone 12's October release.
• The 5G-equipped smartphones and the rise of remote work helped to drive Apple's Q1 sales upward.

Apple reported $111.4 billion in revenue during its 2021 fiscal first-quarter, which spanned from October to December for the company.

The company got a boost from iPhone 12 sales. The new model was released in October, a month later than Apple usually debuts its new phones, after pandemic-related delays.

Here's a look at the key numbers. Analyst estimates are based on Yahoo Finance data.

Here are the key numbers to watch from Apple's Q1 earnings:

• Q1 2021 revenue: $111.4 billion. Analysts were expecting $103.3 billion.
• Q1 2021 earnings per share (EPS): $1.68, versus Wall Street estimates of $1.41.
• iPhone revenue: $65.6 billion. Analysts were expecting $60.33 billion. iPhone revenue was $55.96 billion in Q1 2020.
• Services Revenue: $15.76 billion, versus analyst estimates of $14.89 billion.
• Products revenue: $95.68 billion. Analysts were expecting $88.2 billion.
• Wearables Revenue: $12.97 billion versus analysts' estimates of $11.84 billion.

Apple's quarterly revenue is a big milestone that analysts were expecting it to set - Wall Street estimated the company's Q1 sales to surpass $100 billion, specifically estimating Apple's average revenue to be $103.3 billion in Q1. The record-breaking revenue was in part driven by the holiday season.

The company released the iPhone 12 and 12 Pro on October 23, meaning new sales missed the mark for Q4, when Apple typically sees a revenue increase from iPhone. Instead, the iPhone 12 lineup, equipped with 5G technology, boosted Apple's Q1, while analysts were expecting $60.33 billion. Wall Street had been concerned about the iPhone 12's performance, and the company said previously that sales had been "off to a great start."

Wall Street expects Apple to deliver about 220 million iPhone units in 2021.

Apple signaled its foray into the at-home fitness arena with its Fitness Plus subscription service launch in September, a move that put the phone maker head-to-head with Peloton. It later unveiled a more affordable $99 HomePod mini speaker at its virtual iPhone event in October.

The company also released its highly-anticipated and first-ever over-the-year headphones in mid-December: the $549 AirPods Max.

Services revenue includes cash from Apple's App Store, its Apple Music streaming service, Apple Pay, and more. Apple has been working to expand its public image beyond merely a phone company, and it has succeeded - in mid-2019, for example, Apple's iPhone revenue was less than half of the company's total quarterly earnings.

Apple, as well as the rest of the Big Four tech companies, surpassed Wall Street expectations in its Q4 earnings reports posted in October while American lawmakers were levying antitrust scrutiny upon the tech giants.

Read more: Apple is betting big on fitness with its new subscription service, but experts say Peloton doesn't need to worry

On Tuesday, Apple also announced that its senior vice president of hardware engineering, Dan Riccio, was transitioning to a different role at the company to take on a "new project." The news comes amid rumors that Apple has an electric vehicle endeavor in the works. It's also reportedly testing folding iPhone screens and an expensive virtual and augmented reality headset that is slated to be released in 2022.